HONG KONG – Asian markets delivered a mixed performance Monday as technology stocks remained volatile. U.S. stock futures moved modestly higher, with investors looking ahead to another round of corporate earnings reports.
Oil prices dropped by more than 1% after U.S. President Donald Trump suspended broad sanctions targeting Russia, including measures affecting the country’s energy sector.
Technology shares have recently come under heavy selling pressure across Asian and U.S. markets, weighing on broader indexes as investors question whether the artificial intelligence rally can maintain its momentum.
South Korea’s Kospi gained 1.1% Monday to 5,729.58, recovering somewhat after a sharp decline last week. The benchmark remains down more than 18% over the past month and is still far below the 9,000 level it surpassed in June, when enthusiasm for AI stocks reached a peak.
Samsung Electronics rose 0.7%, while SK Hynix, a major memory-chip producer, slipped 0.9%.
Japan’s Nikkei 225 declined 0.8% to 64,799.03. Tokyo Electron, which supplies chipmaking equipment, fell 2.1%, while SoftBank Group, an investor in OpenAI, lost 3.6%.
Hong Kong’s market was shut for a public holiday. In mainland China, the Shanghai Composite edged up 0.2% to 3,722.20 after officials reported stronger-than-anticipated economic growth of 4.5% for the July-September quarter.
CXMT, China’s largest memory-chip manufacturer, dropped more than 7% even after projecting solid profit for the first nine months of the year.
Taiwan’s Taiex fell 1%, while shares in Taiwan Semiconductor Manufacturing Co., the world’s biggest contract chipmaker, declined 0.6%.
Australia’s S&P/ASX 200 advanced 0.3% to 8,832.20.
India’s Sensex edged 0.1% lower.
Indonesia’s benchmark index sank another 5%, reaching its lowest point since 2020. The decline followed an 11% plunge Friday after index provider MSCI warned that it could remove Indonesia from its “emerging market” classification.
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On Friday, the S&P 500 fell 1.1% on Wall Street. The Dow Jones Industrial Average lost 0.3%, while the technology-focused Nasdaq Composite dropped 2.1%.
Markets are now turning to a busy U.S. earnings calendar, with results expected from Meta, Netflix, General Motors, Tesla and IBM. Strong corporate profits have helped support U.S. shares in recent months.
Oil prices also moved lower early Monday. Brent crude, the global benchmark, was down 1.8% at $107.86 a barrel.
U.S. benchmark crude declined 1.6% to $97.43 per barrel.
The slide came after Trump signed an executive order Friday delaying sweeping U.S. sanctions on Russia just days before they were scheduled to take effect. Ukraine criticized the move, which could allow Russia to continue sending more energy supplies to global markets.
Trump acted shortly after saying earlier this month that he had reached a diesel agreement with Russia. The deal was intended to help reduce elevated fuel costs in the United States ahead of the Nov. 3 midterm elections.
Despite Monday’s decline, crude prices remain well above pre-Iran war levels. Supply concerns continue to support the market, with Middle East tensions and uncertainty over shipments through the Strait of Hormuz adding to the risk premium.
The U.S. dollar dipped slightly to 158.09 yen from 158.10 yen. The euro traded at $1.1231, compared with $1.1234 previously.
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AP Business Writer Alex Veiga contributed to this report.
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